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USD/CHF Technical Analysis: Support Above 0.94 Under Fire

USD/CHF Technical Analysis: Support Above 0.94 Under Fire

2015-04-06 01:25:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support:0.9428, 0.9213, 0.8997
  • Resistance: 0.9756, 0.9921, 1.0188

The US Dollar fell for a third consecutive day against the Swiss Franc, with prices testing the bottom of their recent range above the 0.94 figure anew. A daily close below the 38.2% Fibonacci retracementat 0.9428exposesthe 50% level at 0.9213. Alternatively, a turn above the14.6% Fibexpansionat 0.9756opens the door for a test of the 23.6% threshold at 0.9921.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long side is premature. With that in mind, we will remain flat for now.

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USD/CHF Technical Analysis: Support Above 0.94 Under Fire

Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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